Athens International Valuation Multiples

Athens International is valued at $4.5B as of October 2026, a 6.7x revenue multiple. In the last 12 months, Athens International revenue was $781M and Athens International EBITDA was $466M.

Athens International Overview

About Athens International

Athens International Airport SA is a company active in the financing, construction, and operation of civil airports and related activities. As a civil airport operator, the company manages the Athens International Airport in Spata, Greece. The company's operating segments are: Air activities and Non-air activities. The maximum revenue is generated from its Air activities segment, which includes the provision at the Airport of any facilities like the landing, parking, or taking-off of aircraft; the servicing of aircraft; and the handling of passengers, among others. The Non-air activities segment represents revenues from non-air activities, mainly consisting of car parking, food and beverage, duty-free, retail shops, building/office rental, and other commercial services.


Founded

1995

HQ

Greece

Employees

829

Website

aia.gr

Financials (LTM)

Revenue: $781M
EBITDA: $466M

EV

$5.2B

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Athens International Financials

Athens International reported last 12-month revenue of $781M and EBITDA of $466M.

In the same LTM period, Athens International generated $466M in EBITDA and $236M in net income.

Revenue (LTM)


Athens International P&L

In the most recent fiscal year, Athens International reported revenue of $791M and EBITDA of $451M.

Athens International is profitable as of last fiscal year, with gross margin of 79%, EBITDA margin of 57%, and net margin of 29%.

See analyst estimates for Athens International
LTMLast FY202320242025202620272028
Revenue$781M$791M$562M$654M$791M
Gross Profit-$628M$413M$493M$628M
Gross Margin-79%73%75%79%
EBITDA$466M$451M$481M$516M$451M
EBITDA Margin60%57%86%79%57%
EBIT Margin48%46%67%64%46%
Net Profit$236M$233M$269M$274M$233M
Net Margin30%29%48%42%29%
Net Debt-$689M---

Financial data powered by Morningstar, Inc.

Athens International Stock Performance

Athens International has current market cap of $4.5B, and enterprise value of $5.2B.

Market Cap Evolution


Athens International's stock price is $14.05.

Athens International share price decreased by 4.6% in the last 30 days, and increased by 21.1% in the last year.

Athens International has an EPS (earnings per share) of $0.73.

See more trading valuation data for Athens International
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$5.2B$4.5B0.0%-4.6%15.3%21.1%$0.73

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Athens International Valuation Multiples

Athens International trades at 6.7x EV/Revenue multiple, and 11.3x EV/EBITDA.

See NTM and 2027E valuation multiples for Athens International

EV / Revenue (LTM)


Athens International Financial Valuation Multiples

As of October 20, 2026, Athens International has market cap of $4.5B and EV of $5.2B.

Athens International has a P/E ratio of 18.9x.

LTMLast FY202320242025202620272028
EV/Revenue6.7x6.6x9.3x8.0x6.6x
EV/EBITDA11.3x11.6x10.9x10.2x11.6x
EV/EBIT14.1x14.3x13.9x12.6x14.3x
EV/Gross Profit-8.4x12.7x10.6x8.4x
P/E18.9x19.2x16.6x16.3x19.2x
EV/FCF64.1x30.6x15.5x18.7x30.6x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Athens International Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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Athens International Margins & Growth Rates

Athens International decreased revenue by 2% but EBITDA grew by 3% in the last fiscal year.

In the most recent fiscal year, Athens International reported gross margin of 79%, EBITDA margin of 57%, and net margin of 29%.

See estimated margins and future growth rates for Athens International

Athens International Margins

Last FY202420252026202720282029
Gross Margin79%75%79%-
EBITDA Margin57%79%57%60%
EBIT Margin46%64%46%48%
Net Margin29%42%29%30%
FCF Margin22%43%22%9%

Athens International Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth(2%)16%21%(2%)
Gross Profit Growth-19%27%-
EBITDA Growth3%7%(13%)3%
EBIT Growth1%11%(12%)1%
Net Profit Growth1%2%(15%)1%
FCF Growth(61%)(17%)(39%)(61%)

Data powered by FactSet, Inc. and Morningstar, Inc.

Athens International Operational KPIs

Athens International's revenue per employee in the last FY averaged $1.0M, while opex per employee averaged $0.3M for the same period.

Athens International's Rule of 40 is 58% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Athens International's Rule of X is 54% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Athens International
LTMLast FY202320242025202620272028
Rule of 4062%58%---
Bessemer Rule of X66%54%---
Revenue per Employee-$1.0M---
Opex per Employee-$0.3M---
S&M Expenses to Revenue-1%2%1%1%
G&A Expenses to Revenue-1%1%1%1%
Opex to Revenue-33%6%12%33%

Data powered by FactSet, Inc. and Morningstar, Inc.

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Athens International Competitors

Athens International competitors include Grupo OMA, Clear Secure, VSE, SATS, Corporación América Airports, AAR, Vienna International Airport, TravelSky, Japan Airport Terminal and Airports Corporation of Vietnam.

Most Athens International public comparables operate across Airports & Aviation Services.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Grupo OMA$866M$530M5.9x5.4x9.6x8.5x
Clear Secure$901M$216M4.1x3.5x17.1x10.4x
VSE$1.1B$130M5.0x3.3x42.9x18.0x
SATS$5B$988M1.4x1.3x7.0x7.5x
Corporación América Airports$2B$612M2.2x2.1x7.2x5.9x
AAR$3.3B$389M1.5x1.4x12.5x11.3x
Vienna International Airport$1.3B$466M4.0x4.1x11.0x10.6x
TravelSky$1.3B$520M1.0x1.0x2.6x2.6x

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Athens International VC Funding History

Before going public, Athens International raised $25M in total equity funding, across 1 round.


Athens International Funding Rounds

DateStageInvestorsRaisedValuationRev. MultipleDeal Summary
Jan-25Strategic investmentGrowthfund$25M-During the second quarter of 2025, Growthfund reinvested EUR 24.22 million of its Athens International Airport dividend in a company share-capital increase. The subscription delivered 2,728,039 newly issued shares and increased Growthfund’s direct ownership by 0.1 percentage point to 25.6%. This was a completed primary equity investment by Growthfund, distinct from its EUR 12.3 million purchase in AIA’s 2024 public offering, which is excluded under the runbook’s IPO and listing rule. Athens International Airport is the company that finances, operates and develops Greece’s principal international airport at Spata under a long-term concession. Established in 1996 as a public-private partnership, it earns aeronautical charges, commercial rents, retail concessions, parking and other passenger-related revenue. Its customers include airlines, travelers, retailers, cargo users and ground-service providers. The airport handled more than 28 million passengers in 2023 and serves as the main aviation gateway to Athens and Greece. Growthfund holds a strategic minority position alongside private infrastructure shareholders and public-market investors. In 2025 it reinvested part of its dividend through a share-capital increase, increasing its direct participation by 0.1 percentage point. The reinvestment maintained Growthfund’s long-term strategic minority in the airport operator while allowing the company to retain capital. It did not involve a transfer from the Greek State or another Growthfund entity.

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About Athens International

When was Athens International founded?Athens International was founded in 1995.
Where is Athens International headquartered?Athens International is headquartered in Greece.
How many employees does Athens International have?As of today, Athens International has over 829 employees.
Who is the CEO of Athens International?Athens International's CEO is Ioannis N. Paraschis.
Is Athens International publicly listed?Yes, Athens International is a public company listed on Athens Stock Exchange.
What is the stock symbol of Athens International?Athens International trades under AIA ticker.
When did Athens International go public?Athens International went public in 2024.
Who are competitors of Athens International?Athens International main competitors include Grupo OMA, Clear Secure, VSE, SATS, Corporación América Airports, AAR, Vienna International Airport, TravelSky, Japan Airport Terminal, Airports Corporation of Vietnam.
What is the current market cap of Athens International?Athens International's current market cap is $4.5B.
What is the current revenue of Athens International?Athens International's last 12 months revenue is $781M.
What is the current revenue growth of Athens International?Athens International revenue growth (NTM/LTM) is 3%.
What is the current EV/Revenue multiple of Athens International?Current revenue multiple of Athens International is 6.7x.
What is the current EBITDA of Athens International?Athens International's last 12 months EBITDA is $466M.
What is Athens International's EBITDA margin?Athens International's last 12 months EBITDA margin is 60%.
What is the current EV/EBITDA multiple of Athens International?Current EBITDA multiple of Athens International is 11.3x.
What is the current FCF of Athens International?Athens International's last 12 months FCF is $82M.
What is Athens International's FCF margin?Athens International's last 12 months FCF margin is 10%.
What is the current EV/FCF multiple of Athens International?Current FCF multiple of Athens International is 64.1x.
How many companies Athens International has acquired to date?Athens International hasn't acquired any companies yet (or none have been disclosed publicly).
In how many companies Athens International has invested to date?Athens International hasn't invested in any companies yet (or none have been disclosed publicly).

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